Top 5 Stressful Accounting Tasks and How Automation Can Make a Difference
According to our client experiences regarding accounting tasks, to those who love this job, can be very fulfilling because they like the complexed challenges of this job which requires extensive problem-solving skills. There is satisfaction in seeing strategic financial suggestions made for the organization that are adopted for its development & growth.
When important skills like problem solving and analytics are hardly refined and too much time is taken to perform repetitive tasks, any accountant would soon find their job routine-like and mundane, hence possibly lead to low job satisfaction and morale. And this will hurt the company from lost opportunities of these employees to use their skills to improve the company’s profitability to high staff turnover, which is costly to hire and train new staff.
Let us take a look at some of the critical but tedious tasks commonly performed by accountant admins:
1. Data Entry on Multiple Platforms
Many hours can go into recording values, dates and types of items then assigning each transaction information into the right accounts on the ledger.
2. Manual Matching of Invoices with Purchase Orders
It can be very time consuming to match each detail on the overwhelming number of vendor invoices to the details on the purchase orders. This can also cause mistakes due to human error and is deemed a very inefficient part of the accounting process.
3. Creating Bills from Invoices
Adding company and client details that include important information like dates, phone numbers and addresses require attention to detail in turn, adding more time before coming up with the result.
4. Manual Reconciliation
Here is another tedious and stressful task that accountants struggle with because it is very much time-consuming and requires attention to detail. To boot, after all the data extraction and entries, an accurate financial statement must be provided.
5. Closing Accounts at the End of a Fiscal Period
Too much time and effort are used to track down information that are missing and trying to resolve questions about inaccurate values resulting in a bottleneck.
Thankfully, we live in a digital era and technology that has given birth to solutions like Robotics Process Automation or RPA, that not only allows accountants to let out a sigh of relieve but also helps businesses perform more efficiently and bring value to employees in their jobs. While humans work and need sufficient rest to continue working, software robots work around the clock. RPA are software robots that are programmed to mimic human actions on a computer.
With the implementation of RPA in the accounting process, outstanding sales can be reduced because software robots are able to automatically curate invoices and email them to clients. This in turn assures the company that payment is made on time without delays. RPA can also help in directing invoices to accounts directors to get approval and even generate reminders for deadlines. They can open emails to retrieve invoices and automatically match it with purchase orders and make comparisons of the details inserted. Through process automation, software robots assist accountants by reading transaction data from various sources using Intelligent Optical Recognition and checking for lack of similarities before automatically approving them so that month-end reconciliations are made easier.
These are only some of the mundane burdens that software robots can take over from humans through artificial intelligence and machine learning technologies. Robots are continuously being tested and constantly learning in order to make business processes seamless in the near future.